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Common questions relating to Intelligent Finance transfer of equity

  • My ex are planning to get a lawyer lined up for a refinance with Intelligent Finance. Transfer of Equity conveyancing is also requiredI have used the different comparison based websites and the results are from all over UK. How necessary is it to have a conveyancer local to us?
  • Given that we have been four years estranged I have opted to transfer my interest in the apartment to my husband who is re-mortgaging with Intelligent Finance. Could this transfer of equity be done in four weeks?
  • I got divorced two years ago. For some reason I never got around to change the ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Intelligent Finance is happy to transfer the property and loan in my name (financial checks done). Does my ex need a solicitor?
  • I am answering a Intelligent Finance transfer of equity application and have arrived at the questions regarding debts etc. I do some debts that I have been paying off over a long period, in fact they no longer remain my credit records. Must I set these out?
  • Online research suggests that solicitors are more expensive than licensed conveyancers when it comes to transfer of equity conveyancing. So is it better if I use a conveyancer or a solicitor where I need to be transferring equity and at the same time refinancing with Intelligent Finance
  • I am considering remortgaging my property in Sedgefield does my lawyer have to be on the Intelligent Finance Conveyancing panel. The conveyancing also involves a transfer of equity.
  • Me and a friend got a joint mortgage with Intelligent Finance on a flat in 2013. I am now looking to get a apartment by myself and my friend would like to buy me out. On the basis that we can settle on an amount where do we go? Is there likely to be any issue with Intelligent Finance with him being on the hook for the total loan rather than only part of it?

Information that may be required from your lawyer is likely to ask about your Intelligent Finance Transfer of Equity

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Would you like us to draw up a Declaration of Trust. If so are you willing to pay for the further fee (beyond the Transfer of Equity fee)?

Please provide the details of anyone to be added to the property title?

Please confirm whether this Transfer of Equity is part of any Matrimonial Proceedings? If so, please provide the name, address, telephone number and reference of the Matrimonial Solicitor instructed to act, along with a copy of the sealed Consent or Court Order?

Please list all persons who occupy the property, their respective ages and relationships to you.

Has consent been obtained from Intelligent Finance to the proposed transfer of equity?

Caveats to be read in supporting the above Intelligent Finance transfer of equity Info :

Tax and Legal

There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold premises

If your property is leasehold, the lease may require that you obtain the consent of the landlord. If such conditions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy varies based on the valuation of the property at finalisation of the transfer of equity conveyancing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance.

Preparing the Transfer of Equity with a Intelligent Finance Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information provided on this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Intelligent Finance transfer of equity